Belarus President Considers Cryptocurrency Mining as a Viable Option
The President of Belarus, Aleksandr Lukashenko, recently expressed interest in exploring the possibility of mining cryptocurrencies in the Eastern European country. Lukashenko discussed the potential for Belarus to venture into the world of cryptocurrency mining during a meeting with the nation’s new minister of energy, Alexei Kushnarenko.
In a statement reported by Belarusian media outlet Belta, Lukashenko highlighted the growing trend of cryptocurrency mining and the surplus of electricity available in the country. He stated, “Look at this mining. More and more people are turning to me. If it is profitable for us, let’s do it. We have excess electricity. Let them make this cryptocurrency and so on.”
The news of Belarus considering cryptocurrency mining comes at a time when the U.S. government is also exploring the creation of a national strategic crypto reserve. This reserve could potentially include popular cryptocurrencies such as bitcoin (BTC), ether (ETH), solana (SOL), ripple (XRP), and cardano (ADA).
Lukashenko acknowledged the White House’s interest in cryptocurrencies, noting, “You see the path the world is going. And especially the largest economy in the world. They announced yesterday that they will keep [a crypto] reserve.” He added, “Therefore, there will be demand for them. Well, maybe we should do it ourselves.”
While Belarus is contemplating entering the cryptocurrency mining space, it is not the first country to do so. The Kingdom of Bhutan, known for its abundance of hydropower, already has over 100 megawatts (MW) of operational bitcoin mining infrastructure and is expected to add another 500MW of power for mining operations. Additionally, Bhutan reportedly holds $950 million in bitcoin, as per Arkham Intelligence.
El Salvador is another nation that has embraced cryptocurrency mining, utilizing geothermal energy for bitcoin mining activities on a smaller scale.
As countries around the world explore the potential benefits of cryptocurrency mining, Belarus is considering joining the ranks of nations tapping into this emerging industry. With excess electricity and a growing interest in cryptocurrencies, Belarus could potentially become a new player in the global crypto mining market.